Business description: Ecopetrol S.A.

Ecopetrol S.A. is an oil company. The Company operates in Colombia, Peru, Brazil and the United States Gulf Coast. The Company's segments include Exploration and Production, Transportation and Logistics, and Refining, Petrochemicals and Biofuels. The Company's Exploration and Production segment includes exploration, development and production activities in Colombia and abroad. The Company's Transportation and Logistics segment includes the transportation of crude oil, motor fuels, fuel oil and other refined products, including diesel and biofuels. The Company's main crude oil pipeline systems' operating capacity is approximately 1.34 million barrels per day (BPD). The Company's main refineries are the Barrancabermeja refinery, which it directly owns and operates, and a refinery in the Free Trade Zone in Cartagena that is operated by Reficar S.A., a subsidiary of the Company. The Company also owns and operates two other minor refineries: Orito and Apiay.

Number of employees: 18,903

Sales by Activity: Ecopetrol S.A.

Fiscal Period: December 2021 (COP) 2022 (COP) 2023 (COP) 2024 (COP) 2025 (COP)

Exploration and Production

63,24900Cr 91,02000Cr 81,40400Cr 81,08500Cr 71,05200Cr

Refining and Petrochemical

50,97600Cr 89,17900Cr 82,14800Cr 69,22000Cr 64,69900Cr

Energy Transmission and Toll Roads

4,11300Cr 13,35800Cr 14,16800Cr 15,80600Cr 16,03300Cr

Transport and Logistics

12,15800Cr 13,95600Cr 15,51000Cr 15,13400Cr 15,33700Cr

Eliminations

-38,61600Cr -47,90200Cr -50,15100Cr -47,91700Cr -47,42700Cr

Geographical breakdown of sales: Ecopetrol S.A.

Fiscal Period: December 2021 (COP) 2022 (COP) 2023 (COP) 2024 (COP) 2025 (COP)

Colombia

44,82200Cr 83,65200Cr 71,74500Cr 62,65600Cr 58,03800Cr

United States

16,02500Cr 27,12100Cr 24,99200Cr 27,09400Cr 42,62700Cr

South America and Others

5,72700Cr 13,61000Cr 12,11700Cr 16,20900Cr 17,89700Cr

Central America and The Caribbean

3,50400Cr 9,84100Cr 2,63400Cr 41TCr 69TCr

Europe

1,44800Cr 2,84000Cr 2,75000Cr 2,66300Cr 42TCr

Asia

20,35500Cr 22,54800Cr 28,84100Cr 24,29600Cr 1.8TCr

Executive Committee: Ecopetrol S.A.

Manager TitleAgeSince
Chief Executive Officer - 07/04/2026
Director of Finance/CFO - -
Chief Tech/Sci/R&D Officer - 27/01/2025
Compliance Officer - 04/06/2025
Chief Administrative Officer - 02/09/2024

Composition of the Board of Directors: Ecopetrol S.A.

Director TitleAgeSince
Director/Board Member 46 24/10/2022
Chairman 72 15/10/2025
Director/Board Member 63 26/03/2024
Director/Board Member - 28/03/2025
Director/Board Member 46 28/03/2025
Director/Board Member - 28/03/2025
Director/Board Member - 28/03/2025
Director/Board Member - 15/01/2026
Director/Board Member - 19/02/2026

Shareholders: Ecopetrol S.A.

NameEquities%Valuation
Government of Colombia
88.49 %
36,38,47,88,417 88.49 % 26 061 M $
State Street Global Advisors Ltd.
0.007595 %
31,22,819 0.007595 % 2 M $
abrdn Alternative Investments Ltd.
0.0004 %
1,64,608 0.0004 % 117 900 $
Mercer Global Investments Europe Ltd.
0.000395 %
1,62,296 0.000395 % 116 245 $
State Street Global Advisors Ltd. (Canada)
0.000133 %
54,509 0.000133 % 39 042 $
NameEquities%Valuation
Millennium Management LLC
0.1261 %
25,91,458 0.1261 % 37 M $
Vanguard Fiduciary Trust Co.
0.0882 %
18,13,818 0.0882 % 26 M $
Connor, Clark & Lunn Investment Management Ltd.
0.0753 %
15,48,879 0.0753 % 22 M $
Aperio Group LLC
0.0743 %
15,26,962 0.0743 % 22 M $
Two Sigma Investments LP
0.0646 %
13,28,004 0.0646 % 19 M $

Holdings: Ecopetrol S.A.

NameEquities%Valuation
56,94,72,561 51.41% 4 415 M $

Company details: Ecopetrol S.A.

Ecopetrol SA

Carrera 13

110001, Bogota

+57 310 315 8600

http://www.ecopetrol.com.co
address Ecopetrol S.A.(ECOPETROL)

Group companies: Ecopetrol S.A.

NameCategory and Sector
Ecopetrol Permian LLC
Oil & Gas Production
Ecopetrol Permian LLC
Oil & Gas Production
Ecopetrol US Trading LLC
Ecopetrol US Trading LLC
Oil Refining/Marketing

Other Oil & Gas Exploration and Production

Change 5d. change 1-year change 3-years change Capi.($)
-1.62%-2.02%+33.24%+14.12% 2.62TCr
+1.64%+3.65%+28.63%+18.73% 14TCr
+1.54%+7.57%+49.37%+72.11% 9.82TCr
+1.31%+4.02%+17.79%+22.28% 7.19TCr
+1.57%+6.54%+114.52%+89.30% 5.56TCr
+1.80%+5.91%+30.37%-2.38% 5.59TCr
+0.44%+5.63%+38.92%+56.00% 5.66TCr
+0.83%+4.28%+39.13%-0.96% 5.41TCr
-0.81%-3.83%+41.96%-9.03% 4.26TCr
+1.63%+1.06%+0.81%+61.68% 3.5TCr
Average +0.82%-1.27%+39.47%+32.18% 6.39TCr
Weighted average by Cap. +1.10%-0.76%+39.58%+33.57%
Trader
Investor
Global
Quality
ESG MSCI
A
Sell
Consensus
Buy
Mean consensus
HOLD
Number of Analysts
8
Last Close Price
2,425.00COP
Average target price
2,282.43COP
Spread / Average Target
-5.88%

Quarterly revenue - Rate of surprise